The Wellington District Court has dismissed an appeal by Sean Wood against a Financial Markets Authority decision to decline his application for authorisation as an Authorised Financial Adviser (AFA).

Mr Wood's application was declined by FMA on 21 October 2011 after he failed to disclose convictions under the Building Act.

"Mr Wood's failure to disclose convictions and, more importantly, the fact of his conduct behind the convictions and his attitude to compliance with the law, mean that he is not of good character such as is required to be an AFA.

"The FMA quite properly came to the conclusion, in effect, that the adverse inferences it could and did properly draw as to his character meant that it could not be satisfied that he would comply with the onerous documentary, ethical and fiduciary obligations with which an AFA must comply," Judge Harrop said in his decision.

FMA Head of Primary Regulatory Operations Sue Brown said it was important that applications to become an AFA were assessed rigorously.

"The Financial Advisers Act seeks to promote high standards of professionalism and integrity. FMA's role is to ensure that applicants have the insight, knowledge and attitude necessary to uphold and respect those standards."